As a self-employed individual, you may be wondering if you need workman’s comp insurance. While it’s not legally required in all states, it’s still a smart investment to protect yourself and your business. Workman’s comp insurance can cover medical expenses and lost wages for you or any employees who are injured on the job.

Before purchasing workman’s comp insurance, you’ll need to determine if you’re eligible. In most states, you can only obtain workman’s comp insurance if you have employees. However, some states do allow self-employed individuals to purchase coverage. When shopping for workman’s comp insurance, it’s essential to shop around and compare rates from different insurance providers. You may also want to consider additional coverage, such as liability insurance, to fully protect your business.

Investing in workman’s comp insurance for self-employed individuals may seem like an unnecessary expense, but it can save you from financial ruin in the event of a workplace injury. Take the time to research your options and protect your business today. In some cases, self-employed individuals may not be required to carry workers’ compensation insurance. However, even if it’s not legally required, it’s still a smart investment to protect your business and your own financial well-being. Accidents can happen at any time, and without workers’ compensation insurance, you may be liable for medical expenses, lost wages, and other costs associated with workplace injuries or illnesses.

To determine if you need workers’ compensation insurance as a self-employed individual, it’s important to consult with your state’s labor department or an insurance professional. They can provide guidance on the specific requirements for your industry and help you identify the right coverage options for your business.